Adobe Investor sells 2.5 million shares

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Adobe Investor sells 2.5 million shares

Bobby Raines 10/18/2013

Valueact Holdings, which controls a seat on the board of directors at Adobe Systems ( ADBE ) , sold 2,533,106 shares of the company's common stock between Oct. 15 and Oct. 17. At $52.05 per share, Valueact pulled in $132,060,128. The sale was an 8.1% reduction in the fund's indirect holdings.

IK-> The technicals for ADBE ($52.66 up $0.60) are bullish with a neutral trend. Recent support has been around $51.74 and recent resistance has been near $52.82. Standard & Poor's has a two STARs (out of five) rating on the stock. Look at the Jan. 60/65 bull-put spread for a 30-cent credit. That's a 6.38% return and the stock has to fall 13.9% to cause a problem.  [InvestorsKeyhole, Various news and data services]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Originally published on InvestorsObserver.com



This article appears in: Investing , Options


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